Flputnam Investment Management Co. Acquires New Position in ResMed Inc. $RMD

Flputnam Investment Management Co. acquired a new position in shares of ResMed Inc. (NYSE:RMD) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,358 shares of the medical equipment provider’s stock, valued at approximately $1,044,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new stake in shares of ResMed during the 4th quarter valued at approximately $25,000. Imprint Wealth LLC acquired a new stake in ResMed during the third quarter worth $26,000. WFA of San Diego LLC purchased a new stake in ResMed in the second quarter valued at $26,000. Sunbelt Securities Inc. acquired a new position in shares of ResMed in the 3rd quarter valued at $31,000. Finally, Reflection Asset Management purchased a new position in shares of ResMed during the 4th quarter worth $34,000. 54.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on RMD shares. Weiss Ratings upgraded shares of ResMed from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Mizuho lowered their price target on ResMed from $235.00 to $220.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of ResMed in a research note on Wednesday, July 1st. Piper Sandler decreased their target price on ResMed from $233.00 to $225.00 and set a “neutral” rating on the stock in a research note on Friday, August 7th. Finally, Citigroup reissued a “neutral” rating and set a $235.00 target price (down from $270.00) on shares of ResMed in a research note on Sunday, July 12th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $240.17.

Insiders Place Their Bets

In other ResMed news, Director Peter C. Farrell sold 8,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $225.00, for a total value of $1,800,000.00. Following the sale, the director directly owned 52,773 shares in the company, valued at $11,873,925. This trade represents a 13.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael J. Farrell sold 4,991 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $205.69, for a total value of $1,026,598.79. Following the transaction, the chief executive officer directly owned 466,256 shares of the company’s stock, valued at approximately $95,904,196.64. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,973 shares of company stock worth $4,885,436 over the last 90 days. Company insiders own 0.65% of the company’s stock.

ResMed Price Performance

RMD stock opened at $220.37 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 2.42. The firm has a market capitalization of $31.97 billion, a P/E ratio of 21.13, a P/E/G ratio of 1.41 and a beta of 0.76. The business’s 50-day moving average is $204.54 and its two-hundred day moving average is $220.64. ResMed Inc. has a 1 year low of $180.26 and a 1 year high of $293.81.

ResMed (NYSE:RMD) last announced its quarterly earnings data on Thursday, August 6th. The medical equipment provider reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.89 by $0.06. ResMed had a return on equity of 25.58% and a net margin of 26.94%.The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts anticipate that ResMed Inc. will post 12.03 earnings per share for the current fiscal year.

ResMed Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, August 20th will be given a $0.66 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from ResMed’s previous quarterly dividend of $0.60. ResMed’s payout ratio is currently 23.01%.

ResMed Company Profile

ResMed (NYSE: RMD) is a global medical device and cloud-connectivity company focused on improving outcomes for people with sleep-disordered breathing and chronic respiratory conditions. Founded in 1989, the company is headquartered in San Diego, California, and develops, manufactures and distributes a range of devices and software used by patients, clinicians and providers worldwide.

ResMed’s product portfolio centers on noninvasive ventilation and sleep therapy equipment, including continuous positive airway pressure (CPAP) and bilevel devices, masks and related accessories for the treatment of obstructive sleep apnea and other respiratory disorders.